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Fair Value of Financial Instruments (Carrying Value vs Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019
--- | --- | ---
Financial Assets: |  |  |
Residential whole loans, carrying value | [1] | $ 4,813,119 | $ 6,069,370
Residential whole loans, at fair value | [1] | 1,200,981 | 1,381,583
Available-for-sale securities |  | 148,343 | 3,983,519
MSR-related assets |  | 254,228 | 1,217,002
Restricted cash |  | 7,680 | 64,035
Carrying Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | 254,228 | 1,217,002
Cash and cash equivalents |  | 666,172 | 70,629
Restricted cash |  | 7,680 | 64,035
Financial Liabilities (2): |  |  |
Securitized debt |  | 516,102 | 570,952
Convertible Senior Notes |  | 224,563 | 223,971
Senior notes |  | 96,887 | 96,862
Estimated Fair Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | 255,036 | 1,217,002
Cash and cash equivalents |  | 666,172 | 70,629
Restricted cash |  | 7,680 | 64,035
Financial Liabilities (2): |  |  |
Securitized debt |  | 498,114 | 575,353
Convertible Senior Notes |  | 202,465 | 244,088
Senior notes |  | 89,551 | 103,231
Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  |  | 1,664,582
Agency MBS | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 1,664,582
Agency MBS | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 1,664,582
Non-Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 54,237 | 2,063,529
Non-Agency MBS | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 54,237 | 2,063,529
Non-Agency MBS | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 54,237 | 2,063,529
CRT securities |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 94,106 | 255,408
CRT securities | Carrying Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 94,106 | 255,408
CRT securities | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 94,106 | 255,408
Residential whole loans, at fair value |  |  |
Financial Assets: |  |  |
Residential whole loans, at fair value |  | 1,200,981 | 1,381,583
Residential whole loans, at fair value | Carrying Value |  |  |
Financial Assets: |  |  |
Residential whole loans, carrying value |  | 4,676,530 | 6,069,370
Residential whole loans, at fair value |  | 1,200,981 | 1,381,583
Residential whole loans, at fair value | Estimated Fair Value |  |  |
Financial Assets: |  |  |
Residential whole loans, carrying value |  | 4,651,188 | 6,248,745
Residential whole loans, at fair value |  | 1,200,981 | 1,381,583
Agreements with non-mark-to-market collateral provisions |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 257,752 |
Agreements with non-mark-to-market collateral provisions | Carrying Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,036,597 | 0
Agreements with non-mark-to-market collateral provisions | Estimated Fair Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 2,036,597 | 0
Agreements with mark-to-market collateral provisions |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,778,845 |
Agreements with mark-to-market collateral provisions | Carrying Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,656,248 | 9,139,821
Agreements with mark-to-market collateral provisions | Estimated Fair Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 1,656,248 | 9,156,209
Senior secured credit agreement | Carrying Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 480,959 | 0
Senior secured credit agreement | Estimated Fair Value |  |  |
Financial Liabilities (2): |  |  |
Financing agreements with mark-to-market collateral provisions |  | 480,959 | 0
Level 3 | Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  |  | 0
Level 3 | Non-Agency MBS |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 0
Level 3 | CRT securities |  |  |
Financial Assets: |  |  |
Available-for-sale securities |  | 0 | 0
Level 3 | Residential whole loans, at fair value |  |  |
Financial Assets: |  |  |
Residential whole loans, at fair value |  | 1,200,981 | 1,381,583
Fair Value, Nonrecurring | Carrying Value |  |  |
Financial Assets: |  |  |
MSR-related assets |  | $ 29,400 | $ 59,500
[1] | Includes approximately $181.4 million and $186.4 million of Residential whole loans, at carrying value and $506.7 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at June 30, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE.

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